Concentrix (NASDAQ:CNXC – Get Free Report) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 2.550-2.700 for the period, compared to the consensus estimate of 2.830. The company issued revenue guidance of $2.3 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. Concentrix also updated its FY 2024 guidance to 11.690-12.500 EPS.
Analyst Ratings Changes
Separately, Barrington Research reiterated an outperform rating and issued a $121.00 target price on shares of Concentrix in a research note on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $124.20.
View Our Latest Stock Report on Concentrix
Concentrix Trading Down 0.6 %
Concentrix (NASDAQ:CNXC – Get Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The company reported $3.07 EPS for the quarter, topping the consensus estimate of $2.92 by $0.15. Concentrix had a return on equity of 18.31% and a net margin of 4.41%. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.20 billion. On average, sell-side analysts anticipate that Concentrix will post 11.26 EPS for the current fiscal year.
Concentrix Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Monday, February 5th were given a $0.3025 dividend. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $1.21 dividend on an annualized basis and a dividend yield of 1.94%. Concentrix’s dividend payout ratio (DPR) is presently 20.97%.
Hedge Funds Weigh In On Concentrix
Several institutional investors and hedge funds have recently bought and sold shares of CNXC. Vanguard Group Inc. boosted its stake in Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after buying an additional 1,034,546 shares during the period. Norges Bank acquired a new stake in shares of Concentrix in the fourth quarter valued at $56,061,000. Price T Rowe Associates Inc. MD increased its holdings in Concentrix by 1,657.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 376,551 shares of the company’s stock worth $51,075,000 after purchasing an additional 355,127 shares during the period. Penn Capital Management Company LLC acquired a new stake in Concentrix in the first quarter valued at $42,962,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Concentrix by 164.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 319,739 shares of the company’s stock worth $25,819,000 after buying an additional 199,018 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.
Concentrix Company Profile
Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.
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